Titan Mining Corp. [TI-TSX] has achieved a new production record and is on schedule to exceed its 2023 production guidance. In addition, new exploration results include 41 ft (feet) at 37.6% zinc (Zn) at its 100%-owned Empire State mine (ESM) located in upstate New York State.
Highlights: Best year-to-date safety performance with total recordable injury frequency at one-half of the national average; a monthly production record of 7.2 million payable pounds of zinc in August, 2023 (57% above the average monthly production from June 30, 2022, to June 30, 2023); 13.2 million payable pounds of zinc through the first two months of Q3 2023 (Q3 2023 tracking to exceed average quarterly production from June 30, 2022, to June 30, 2023, of 13.7 million payable pounds of zinc); on schedule to exceed annual production guidance of 54 to 58 million payable pounds of zinc; and exploration results including 41 feet (12.5 metres) assaying 37.6% zinc, including 25.8 feet (7.9 metres) assaying 52.9% zinc.
Don Taylor, CEO, commented: “Operationally, ESM is enjoying its best four quarters since the mine restart in 2017. Fortunately, the No. 4 orebody provides ample flexibility, which allows the mining and milling operations to deal with lower price environments and, as such, our management team has done an outstanding job of cutting unit costs while continuing to increase output. In addition, during this period our near-mine and underground exploration programs have been successful in identifying new mineralized zones, as well as extending known zones of mineralization that will translate into a longer mine life and add additional flexibility to future production schedules. It would be remiss to not mention that while production is up and site costs are down, this has all occurred with the management and work force achieving the best year-to-date safety performance in the last six years of operation.”
Production has been better than expected due to mining of higher-grade areas in Mahler and Mud Pond and strong equipment availability.
Given the strong performance of the mine year-to-date, the company expects to exceed its production guidance of 54-58 million payable pounds in FY 2023. While concentrate smelting and refining costs remain elevated as a result of higher than usual benchmark treatment charges, the company’s site operation costs have trended down throughout the third quarter.
Underground exploration focused on extending near mine mineralization along strike from the active Lower Mahler and New Fold ore bodies. To date assays have been returned on 22 holes from the Lower Mahler program. The program has successfully identified high grade extensions of mineralization that will be included in the Company’s updated mine plan and have generated additional exploration targets. MA23-022 has successfully extended mineralization roughly 1,000 feet from the previously known mineralized extent.
Key Lower Mahler intercepts include: 41.0 feet (12.5 metres) assaying 37.6 % zinc, including 25.8 feet (7.9 metres) assaying 52.9% zinc.; 20.9 feet (6.4 metres) assaying 34.0% zinc; 23.4 feet (7.1 metres) assaying 29.3% zinc; 16.6 feet (5.1 metres) assaying 37.7% zinc; 32.5 feet (9.9 metres) assaying 15.4% zinc; 42.0 feet (12.8 metres) assaying 11.2% zinc, including 11.2 feet (3.4 metres) assaying 21.1% zinc; 39.2 feet (11.9 metres) assaying 11.3% zinc; 18.6 feet (5.7 metres) assaying 23.4% zinc and other encouraging drill results.
The drilling at Lower Mahler is part of an ongoing program to identify near mine exploration and development targets. The company previously announced the identification of a zone of mineralization between the Lower Mahler and New Fold ore bodies. Exploration drilling in this area of the mine is planned through the end of 2023.
Titan is an Augusta Group company.